If you own a business of any kind, please be sure to check out our 2020 year-end tax planning business guide.
This guide has various strategies to minimize taxes including:
- Strategies depending on whether 2020 is a higher income year than 2021
- How to defer income into next year
- How to accelerate expenses into 2020
- Retirement plan strategies for your business
- Deductions related to vehicles
- The PPP loan forgiveness tax trap
These are general discussions and should never replace a complete business tax plan which may include strategies not covered in this guide such as:
- Choice of entity
- Compensation strategies for owners
- Retirement plan options that can save more than traditional plans
- Passive losses
- Shareholder basis to maximize S-corp losses
- Rental real estate tied to the business
- And much more.